[plaster3]

For those that did not read about the Bankruptcy Exit approval over the weekend:

Nevada's 'Inspirada' Project Cleared for Chapter 11 Exit - WSJ.com

[plaster3]

Also an article from the LVRJ:

Company overseeing Inspirada gets OK to emerge from bankruptcy - Business - ReviewJournal.com

Expect the transfer of land to occur sometime in November. Exciting news!

[syn0r]

Great news! Seems like the original plan might 1 day become a reality. I'm amazed at how little they are paying per acre now. What a steal!

[plaster3]

I agree @syn0r. While many will say they are paying a huge cash settlement and taken huge impairment losses, the uniqueness of the community will help bring back strong net margins long term. Two things really support this theory:

1) Despite everything in the Vegas market, Inspirada continues to be one of KB Home's highest selling communities. Aside from the almost completed Madeira Canyon, there will not be many developments in West Henderson that will provide the housing needs of the area. Ryland is close by, but will not have the same land inventory. The completion of the Bicentennial extension will definitely pick up sales.

2) The community model puts homes closer together, allowing net margins to grow based on volume, not just quality. KB Home can monitor its direct costs through the KB design center, while managing margins per land lot since they are paid in full. Trust me when I say their credit analysts know how much they have to make on each finished/unfinished parcel to bring shareholder maximization. This will be good for home values in the area moving forward. Pay no attention to Zillow people. =D

[plaster3]

Looking through the assessor's page this morning, it appears that ownership in the remaining parcels of Inspirada has finally been changed. Land ownership has been transferred as of 11/11/11 from South Edge LLC to Inspirada Builders, LLC.

An SOS entity search shows KB Home Inspirada, LLC as its managing member. Likely this is because KB Home is taking the lion's share of the remaining land (almost half).

Also, City of Henderson Planning Commission documents show that KB Home is seeking approval for a few new home designs for their townhomes for the proposed 2nd Village and their remaining townhome parcels near the sales office. I would look to see some groundbreaking activity in late 1Q or early 2Q on their second village.

The first village (for KB Home) is nearly complete. I drove through the neighborhood the other day and saw many homes in their final stages of construction. I would estimate about 25 vacant lots for the spacious "Village" models. They have about 6 lots available for their single story floorplans to the east where Meritage once was.

Have a happy holidays everyone, and I'll do my best to keep you updated in 2012!

[plaster3]

Inspirada Update:

In looking over the City of Henderson Staff Meeting scheduled for 2/8/12, I have found additional documenation from KB Home regarding the 2nd Village.

Plans for the community and its floorplans were already approved on 12/20/11, however several revisions are requested in this upcoming meeting that should have minimal effect on the project.

This is only good news for existing Inspirada residents, as this signals KB Home's intention to break ground this year in the second Village.

KB Home's development of the Solista Village will be completed this year, with less than 30 available homesites by my count during my last walkthrough. With the completion of Bicentennial to Via Inspirada, there will be better access to the second village as a result.

My reservations still rest on whether KB Home and other owners of the master-planned community will address the road connecting the first and second villages. I anticipate there will be an obligation at some point to repave the roads and install lighting, however it may be that they hold on this until more homes are built. This would be especially frustrating to existing homeowners who would find it easier to drive to nearby shopping centers as well as interested homeowners in the second village who would rather take Volunteer to come home and pass through the existing Solista Park.

In any event, 2012 looks to be a very important year for the Inspirada community. KB Home's completion of it's first village will hopefully spark interest in the development of the second village and the viability of the project as a whole.

Some other tidbits:

* Toll Brothers continues to build out the first phase of its land located in the first village. Since rolling out new low-cost floorplans comparable to KB Home, construction activity seems to have picked up. They have four or five home sites remaining for SFR's in their first phase, with no word on completing offsite work for a phase two.

* Toll Brothers is also constructing their last condominium unit - don't expect any more for the forseeable future.

* Toll Brothers also introduced a new two story townhome model that appears to be selling well. There are four or five more parcels that could hold additional townhomes. None are currently in progress.

*Toll finally purchased 45 lots from Meritage Homes in Village 1 last year and have begun building SFR's on these lots. I would expect Toll to use up all of its finished lot inventory in Inspirada before finishing offsites in Village 1.

* Roadwork is almost complete on the Volunteer/Executive Airport Drive project. To date, Via Inspirada now connects to Bicentennial Drive. Residents have complained about the sharp curve at the intersection of Via Inspirada and Biecentennial, but that will be the way the road works until there is evidence of development of the Inspirada Town Center or further development in Villages 4 and 5. The expansion of lanes and the installation of a streetlight at Volunteer and Executive Airport is almost completed, though a few months overdue in my opinion. The next project will widen Volunteer to the M Resort. No word on when that will start.

* Several land transactions have occured in the Inspirada land owned by Focus Property Group. It is unclear the nature of these transactions by looking at records alone, but these parcels were never zoned for residential development and are located primarily near the proposed Town Center.

[offset_98]

Originally Posted by plaster3

Inspirada Update:
My reservations still rest on whether KB Home and other owners of the master-planned community will address the road connecting the first and second villages. I anticipate there will be an obligation at some point to repave the roads and install lighting, however it may be that they hold on this until more homes are built. This would be especially frustrating to existing homeowners who would find it easier to drive to nearby shopping centers as well as interested homeowners in the second village who would rather take Volunteer to come home and pass through the existing Solista Park.

My guess is that it is blocked off for two reasons: First, security, so as not to leave a rear escape route for burglars. Second, for cut-throughs so people don't use our community to cut through to the Albertson's plaza to save 3 minutes. I'd imagine that as the second village fills up, most likely to 50%+ capacity, then the blockades will come down and this road will be accessible for the rest of us. I realize neither of these two scenarios make sense to anyone with an SUV or truck however, lol.

[tradewater]

We REALLY appreciate the information (and even the conjecture!) that you guys share. Plaster3 - thanks for your efforts, especially. My wife and I "lurk" about here and appreciate your posts tremendously.

Perhaps we should all get together for a big community party when work on Village II begins?

(Always ready for a wine and cheese get-together here!) :-)

[plaster3]

BIG NEWS:

Just saw that KB Home is advertising new floor plans for their "Garden" and "Monet Town-home" homes, as well as the return of the older "Village" type lots.

Because there are no more lots parceled for the Garden or Monet Town-homes in Village 1, that can only mean they are getting ready to break ground on Village 2! It appears they are building a model for the Garden home and the Townhomes near the sales office, best guess. They sold all of their older models last year, and the square footage of these plans are different the Garden model I purchased in 2009.

This is GOOD NEWS! Right now there are no prices or printed floor plans, but they should be coming up in time.

I'll provide any updated information as I receive it.

[tradewater]

It's noon on March 8th. I just returned from a drive along the roads south of Del Terra where there are currently several machines doing some dirt-work in preparation for, it appears, additional infrastructure installation - streets, sidewalks, etc.

Great call, Plaster3! It looks like Village 2 is about to become a reality!!